{"id":21361,"date":"2026-02-02T10:26:31","date_gmt":"2026-02-02T14:26:31","guid":{"rendered":"https:\/\/gestionderiesgo.org\/?p=21361"},"modified":"2026-10-03T19:29:39","modified_gmt":"2026-10-03T23:29:39","slug":"esg-de-escudo-prudencial-a-riesgo-de-modelo","status":"publish","type":"post","link":"https:\/\/gestionderiesgo.org\/en\/esg-de-escudo-prudencial-a-riesgo-de-modelo\/","title":{"rendered":"ESG: From Prudential Shield to Model Risk"},"content":{"rendered":"<p><div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-1 fusion-flex-container nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"--awb-background-position:left top;--awb-border-sizes-top:0px;--awb-border-sizes-bottom:0px;--awb-border-sizes-left:0px;--awb-border-sizes-right:0px;--awb-border-radius-top-left:0px;--awb-border-radius-top-right:0px;--awb-border-radius-bottom-right:0px;--awb-border-radius-bottom-left:0px;--awb-padding-right:60px;--awb-padding-bottom:80px;--awb-padding-left:60px;--awb-padding-right-medium:60px;--awb-padding-left-medium:60px;--awb-padding-right-small:14px;--awb-padding-left-small:12px;--awb-flex-wrap:wrap;\" ><div class=\"fusion-builder-row fusion-row fusion-flex-align-items-flex-start fusion-flex-content-wrap\" style=\"max-width:1248px;margin-left: calc(-4% \/ 2 );margin-right: calc(-4% \/ 2 );\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-0 fusion_builder_column_1_1 1_1 fusion-flex-column\" style=\"--awb-padding-right:10px;--awb-padding-left:10px;--awb-padding-right-small:0px;--awb-padding-left-small:0px;--awb-bg-size:cover;--awb-width-large:100%;--awb-margin-top-large:0px;--awb-spacing-right-large:1.92%;--awb-margin-bottom-large:40px;--awb-spacing-left-large:1.92%;--awb-width-medium:100%;--awb-order-medium:0;--awb-spacing-right-medium:1.92%;--awb-spacing-left-medium:1.92%;--awb-width-small:100%;--awb-order-small:0;--awb-spacing-right-small:0%;--awb-spacing-left-small:0%;\"><div class=\"fusion-column-wrapper fusion-column-has-shadow fusion-flex-justify-content-flex-start fusion-content-layout-column\"><style>.fusion-page-title-bar{background-image:linear-gradient(rgba(0,0,0,.45),rgba(0,0,0,.45)),url(\"https:\/\/gestionderiesgo.org\/wp-content\/uploads\/2026\/10\/esg-escudo-prudencial-parque-eolico.jpg\")!important;background-size:cover!important;background-position:42% 50%!important;}<\/style><div class=\"fusion-text fusion-text-1\" style=\"--awb-content-alignment:justify;\"><h4>A technical autopsy of the loss of objectivity in risk management.<span style=\"color: rgb(116, 116, 116); font-family: 'Open Sans'; font-size: 16px; background-color: rgba(0, 0, 0, 0);\"><\/span><\/h4>\n<p>The ESG framework was incorporated into the international financial system as a technical extension of long-term material risk management, consistent with the prudential principles of Basel and with the financial stability agenda that followed the 2008 global crisis. Its initial adoption responded to regulatory and systemic risk management criteria, not to ideological motivations. However, between 2019 and 2022, a deficient implementation, characterized by the normativization of risk, the loss of technical objectivity and the ideological capture of certain components, turned ESG into an endogenous source of operational, reputational, political and macroeconomic risk. This article reconstructs the historical and technical process of that transformation and draws general lessons applicable to risk management in companies, funds and States.<\/p>\n<\/p>\n<p><b>I. Historical context, from the financial crisis to prudential consolidation<\/b><\/p>\n<p>The 2008 global financial crisis exposed a structural limitation of the dominant risk management models, in particular their inability to capture systemic, nonlinear and tail risks, especially those that materialize outside short horizons and under strong interdependencies. The international regulatory response, crystallized in Basel III, explicitly reinforced the principle of broad identification of material risks, the need for forward-looking analysis through stress tests and the board\u2019s direct responsibility for capital adequacy.<\/p>\n<p>Within this new framework, the ICAAP became the central instrument of the prudential architecture, obliging institutions to consider risks that, even if difficult to quantify, could compromise their solvency and operational continuity. This change opened a structural question that would mark the following decade: which relevant risks were being left outside the balance sheet and the traditional models.<\/p>\n<\/p>\n<p><b>II. From externalities to financial risks and their prudential crystallization<\/b><\/p>\n<p>Between 2013 and 2015, supervisors, central banks and international organizations began to reinterpret certain economic externalities as potential sources of financial risk. The reasoning was strictly technical. Extreme weather events could affect physical assets, insurance premiums and supply chains. Social and labor conflicts could generate operational disruptions and litigation. Corporate governance failures could amplify idiosyncratic collapses with systemic effects.<\/p>\n<p>The enabling criterion for this reinterpretation was financial materiality, in line with the Basel principles. These were not normative objectives or value judgments, but an expansion of the risk perimeter in accordance with existing prudential frameworks.<\/p>\n<p>This conceptual shift was consolidated in September 2015, when the then governor of the Bank of England, Mark Carney, delivered his speech \u201cBreaking the Tragedy of the Horizon\u201d at Lloyd\u2019s of London. In that address, Carney made an argument of a prudential nature. Climate risks exist beyond the typical investment and financial modeling horizon, which is why they are structurally undervalued by markets. When they materialize, they will do so abruptly, nonlinearly and potentially systemically.<\/p>\n<p>To facilitate their incorporation into the financial framework, he introduced a taxonomy of physical risk, transition risk and liability risk, replicating the traditional logic of financial risk. This framing legitimized the incorporation of climate risk by regulators, insurers, banks and asset managers, marking the moment when ESG began to take shape as a technical risk management tool.<\/p>\n<\/p>\n<p><b>III. From prudential disclosure to systemic adoption and the normativization of risk<\/b><\/p>\n<p>After 2015, the regulatory emphasis shifted toward disclosure of risk exposure as the main transmission mechanism. What is not disclosed cannot be supervised, and what is not supervised cannot be capitalized. Consequently, climate, social and governance risks began to be progressively integrated into ICAAP processes, stress testing exercises and governance and internal control assessments.<\/p>\n<p>Up to this point, ESG operated according to its original design, as a technical input for prudential risk management and not as a normative objective.<\/p>\n<p>The large asset managers initially adopted ESG as a tool for mitigating material long-term risks, consistent with their scale, their investment horizon and their exposure to non-diversifiable risks. For very large funds, divestment was not an effective risk management mechanism, since their size forced them to remain invested across broad segments of the market. In that context, ESG became a standardized framework to identify structural vulnerabilities and exert influence through governance, disclosure and voting at shareholder meetings.<\/p>\n<p>This technical approach progressively generated a feedback mechanism. As large funds began to demand ESG disclosure and to condition capital allocation and voting decisions on specific metrics, companies responded by adapting their strategies not only to mitigate objective risks, but to align normatively with the criteria perceived as favorable for accessing capital. In this way, ESG stopped operating solely as an internal risk management tool and began to function as a filter of financial legitimacy.<\/p>\n<p>Between 2019 and 2021, this shift became more evident in the social component of ESG. What had originally been conceived as labor, legal and operational risk began to be transformed into a mechanism of cultural alignment and public signaling. Certain ideological currents interpreted ESG as an opportunity for normative progress without a legislative process, using reputational pressure, internal activism and implicit compliance expectations. From a technical point of view, this introduced a critical flaw. Risk stopped being exogenous and became self-induced, so that corporate action began to generate the risk it sought to mitigate.<\/p>\n<\/p>\n<p><b>IV. The European case, energy and the normativization of transition risk<\/b><\/p>\n<p>Europe adopted a particularly aggressive climate strategy between 2018 and 2021, with milestones such as the 2019 European Green Deal, carbon neutrality commitments for mid-century adopted politically from 2019 and formalized in regulation in the following years, and the accelerated divestment from nuclear and fossil energy. These decisions were channeled through the ESG framework, which went from identifying climate risks to prescribing transition pathways, directly influencing the allocation of public and private capital.<\/p>\n<p>The central technical problem was not the climate objective, but the lack of a rigorous assessment of the vulnerabilities that had to be corrected so that the transition would reduce, rather than increase, systemic risk. The accelerated closure of nuclear and fossil generation took place without having previously resolved the structural limitations of renewables, such as intermittency, storage, the need for backup and grid constraints. By penalizing firm generation sources without having secured substitutes equivalent in stability and scale, the energy system was left exposed to new forms of fragility.<\/p>\n<p>From a prudential perspective, transition risk was treated as a one-way vector. Reducing emissions lowered certain long-term risks, but the premature dismantling of firm capacity increased exposure to price shocks, adverse weather events and geopolitical tensions. The ESG framework did not explicitly incorporate these vulnerabilities nor require credible mitigation plans before inducing the withdrawal of critical assets.<\/p>\n<p>Between 2021 and 2022, this miscalibration became evident. The price of natural gas in Europe multiplied several times over historical averages, industrial electricity costs reached levels incompatible with manufacturing competitiveness and energy inflation became structural. In this context, the environmental component of ESG stopped acting as a mitigant and began to amplify macroeconomic risk.<\/p>\n<\/p>\n<p><b>V. Corporate evidence and observable financial effect<\/b><\/p>\n<p>The effects of the misuse of the ESG framework were observed most clearly in companies with high consumer exposure and high reputational sensitivity. To assess these cases correctly, it is necessary to introduce a fundamental technical clarification. One of the structural errors in the implementation of ESG was to treat it as a single homogeneous package, as if its components were inseparable and followed the same risk logic, when in reality it is made up of three dimensions with different natures, time horizons and degrees of quantifiability.<\/p>\n<p>The governance component is the oldest and most quantifiable and has the most direct relationship with the preservation of financial value. Historically, the biggest corporate collapses have been failures of governance, fraud, deficient internal controls or misaligned incentives. In this sense, governance acts as a mechanism for reducing tail events. Cases such as Wirecard show that governance filters worked as early warning systems when traditional financial analysis did not.<\/p>\n<p>There are also scenarios in which the environmental component protected capital when it was used as a proxy for regulatory and technological risk, as happened with the anticipation of stranded assets in the coal sector in the early 2010s. Similarly, the social component has proven valuable as an operational risk metric in capital-intensive and physical-safety-intensive industrial sectors, where it reflects safety culture and operational discipline.<\/p>\n<p>The problem emerges when these three dimensions are aggregated and communicated as a normative block. In that process, governance keeps its technical anchoring, but the environmental and social components begin to operate as prescriptive criteria.<\/p>\n<p>This is where the recent corporate cases are explained. When the ESG framework began to be used as a prescriptive criterion and not as a risk assessment tool, many mass-market consumer companies incorporated the environmental and social components as normative signals, implicitly assuming that this alignment would reduce their reputational and political risk. In practice, the opposite occurred.<\/p>\n<p>At companies such as Disney, Target and Anheuser-Busch, the adoption of decisions associated with environmental and social agendas stopped responding to an analysis of the sensitivity of customers, audiences and the political environment, and came to operate as an extension of their institutional positioning. That loss of technical neutrality turned the ESG framework itself into an endogenous source of commercial risk.<\/p>\n<p>At Disney, between 2022 and 2023, this miscalibration was reflected in a stock market decline of more than 40 percent, operational deterioration and the opening of direct regulatory conflicts. At Target, during the second quarter of 2023, the adverse consumer reaction led to a drop in comparable sales of close to 5 percent and a loss of market capitalization of more than 10 billion dollars in a few weeks. In the case of Bud Light, between April and June 2023, sales fell more than 20 percent year over year and the loss of market value persisted.<\/p>\n<p>Cases such as Disney and Target illustrate a technical inversion of the liability risk anticipated by Carney. Both companies faced regulatory conflicts, potential litigation and shareholder pressure not for ignoring climate risk, but because of social and cultural decisions adopted without an adequate assessment of financial materiality and political risk. The liability risk was not eliminated; it was displaced and amplified by a misapplication of the framework.<\/p>\n<p>In all of these cases, the error was not ideological but methodological. Social risk was treated as a reputational shield when it was acting as a trigger of commercial and political risk.<\/p>\n<p><b>VI. Technical lessons, when risk management loses neutrality and becomes a risk<\/b><\/p>\n<p>The historical path of ESG allows us to draw general technical lessons applicable to any risk management system. A basic principle of risk theory is that the risk factor must remain exogenous to the model and to the decision-maker. When a policy designed to mitigate risk generates the risk it aims to avoid, the system enters a dynamic that is impossible to calibrate.<\/p>\n<p>From the Basel perspective, this type of failure fits the definition of model risk, understood as the potential loss arising from decisions based on models that are misused, misinterpreted or employed outside their original purpose. In that sense, ideologized ESG not only stopped mitigating risk, but began to operate as a defective risk model, introducing systematic biases into decision-making.<\/p>\n<p>The loss of objectivity destroys the very function of risk. Risk management is, by definition, a technical and conservative function, whose value lies in independence of judgment, resistance to external pressure and the primacy of expert judgment over narrative. When a risk tool becomes a vehicle for normative objectives, it stops warning and begins to justify decisions.<\/p>\n<p>Another recurring technical error was confusing probability with desirability. Risk does not evaluate ends; it evaluates loss distributions. When desirability replaces probability, the model stops protecting.<\/p>\n<p>Finally, politicized risk scales badly. While a poorly managed technical risk generates contained losses, a politicized risk scales systemically. From the Basel perspective, the board must preserve the technical neutrality of the risk function and ensure its traceability to capital and solvency. When it gives up that role, the risk function stops protecting and begins to expose.<\/p>\n<p><b>VII. Cross-cutting lesson, the parallel with other risk management models<\/b><\/p>\n<p>The phenomenon observed with ESG is neither exceptional nor exclusive to the climate or social sphere. There is a direct parallel with situations widely known in the management of other risks, particularly when a manager turns a model or a management implementation into their winning banner and loses the capacity for self-criticism. In its proper conception, a risk model is always an incomplete representation of reality, a probabilistic tool and an input for decision-making, never a decision in itself.<\/p>\n<p>The problem emerges when the manager ties their personal reputation to the model, presents it as an unquestionable competitive advantage and interprets criticism as a threat and not as a control mechanism. At that point, the model stops being a technical instrument and becomes an extension of the decision-maker\u2019s professional identity.<\/p>\n<p>From a prudential perspective, this pattern can also be read as a model risk problem. When a model stops being treated as an imperfect representation of reality and starts operating as normative truth, the risk comes not only from external reality but from the decision process itself. The model stops being a filter and becomes a generator of risk. In Basel terms, the potential loss no longer originates in the economic environment or in the behavior of the portfolio, but in decisions made on the basis of a model that is misused, shielded from criticism and disconnected from independent validation.<\/p>\n<p>This type of model risk is especially dangerous because it does not show up immediately. It builds up silently, reinforced by metrics that the system itself produces, until an external shock or a change of regime abruptly exposes the underlying fragility. When this happens, the deterioration is not gradual but discontinuous, and it usually surprises even organizations that saw themselves as highly sophisticated in risk management.<\/p>\n<p>When this shift occurs, governance deteriorates in a predictable way. Observations from the business are dismissed, independent validations are rejected, early signs of deterioration are minimized and selective metrics that confirm the model are used. Risk committees stop questioning assumptions and limit themselves to validating results, turning governance into an ornamental exercise.<\/p>\n<p>The technical consequence is a negative feedback loop. The model defines the policy, the policy determines what data is generated, that data confirms the model\u2019s assumptions and that confirmation reinforces confidence in the framework itself. The process creates an illusion of control, while real risk moves outside the observed perimeter and tail events build up silently.<\/p>\n<p>The parallel with ESG is structurally identical. The framework becomes the dominant narrative, criticism is interpreted as a lack of commitment, governance loses its ability to brake and decisions begin to generate the risk they claim to mitigate. In both cases, the error is not technical in origin, but institutional and human.<\/p>\n<p>The ESG case shows that technical sophistication does not immunize against the loss of objectivity. When risk management stops being a technical exercise and becomes a normative, political or identity tool, it turns into the risk it was meant to mitigate. The lesson is cross-cutting and permanent. Risk exists to warn, not to impose. When it prescribes, it stops protecting.<\/p>\n<p><b>References<\/b><\/p>\n<p>Basel Committee on Banking Supervision. <i>Principles for the management of model risk. <\/i><span style=\"background-color: rgba(0, 0, 0, 0);\">Bank for International Settlements, 2011.<\/span><\/p>\n<p><span style=\"background-color: rgba(0, 0, 0, 0);\">Basel Committee on Banking Supervision. <i>Principles for financial institutions\u2019 stress testing.<\/i> Bank for International Settlements, 2018.<\/span><\/p>\n<p>Basel Committee on Banking Supervision. <i>Basel III A global regulatory framework for more resilient banks and banking systems.<\/i> Bank for International Settlements, 2010\u20132011.<\/p>\n<p>Carney, Mark. <i>Breaking the Tragedy of the Horizon Climate Change and Financial Stability.<\/i> Speech at Lloyd\u2019s of London, September 2015.<\/p>\n<p>BlackRock Investment Institute. <i>Sustainability The Future of Investing.<\/i> 2019.<\/p>\n<p>Financial Times. <i>Wirecard The scandal that blindsided investors.<\/i> 2020.<\/p>\n<p>OECD. <i>Corporate Governance and the Financial Crisis.<\/i> 2010.<\/p>\n<p>McKinsey &amp; Company. <i>Why governance matters.<\/i> 2018.<\/p>\n<\/p>\n<p><span style=\"background-color: rgba(0, 0, 0, 0);\"><b>Methodological note:<\/b> This analysis was developed through a co-creation process between the author and advanced intelligence tools. The structural thesis, the financial data and the technical oversight are the sole authorship of the signing professional, who used supporting technology for the optimization and refinement of the logical framework.<\/span><\/p>\n<\/div><div class=\"fusion-text fusion-text-2\" style=\"--awb-content-alignment:justify;\"><p><img data-recalc-dims=\"1\" decoding=\"async\" class=\"alignleft wp-image-21365 size-medium\" src=\"https:\/\/i0.wp.com\/gestionderiesgo.org\/wp-content\/uploads\/2026\/02\/WhatsApp-Image-2026-02-02-at-09.03.57.jpeg?resize=200%2C300&#038;ssl=1\" alt=\"\" width=\"200\" height=\"300\" srcset=\"https:\/\/i0.wp.com\/gestionderiesgo.org\/wp-content\/uploads\/2026\/02\/WhatsApp-Image-2026-02-02-at-09.03.57.jpeg?resize=200%2C300&amp;ssl=1 200w, https:\/\/i0.wp.com\/gestionderiesgo.org\/wp-content\/uploads\/2026\/02\/WhatsApp-Image-2026-02-02-at-09.03.57.jpeg?resize=400%2C600&amp;ssl=1 400w, https:\/\/i0.wp.com\/gestionderiesgo.org\/wp-content\/uploads\/2026\/02\/WhatsApp-Image-2026-02-02-at-09.03.57.jpeg?resize=500%2C750&amp;ssl=1 500w, https:\/\/i0.wp.com\/gestionderiesgo.org\/wp-content\/uploads\/2026\/02\/WhatsApp-Image-2026-02-02-at-09.03.57.jpeg?resize=600%2C900&amp;ssl=1 600w, https:\/\/i0.wp.com\/gestionderiesgo.org\/wp-content\/uploads\/2026\/02\/WhatsApp-Image-2026-02-02-at-09.03.57.jpeg?resize=683%2C1024&amp;ssl=1 683w, https:\/\/i0.wp.com\/gestionderiesgo.org\/wp-content\/uploads\/2026\/02\/WhatsApp-Image-2026-02-02-at-09.03.57.jpeg?resize=700%2C1050&amp;ssl=1 700w, https:\/\/i0.wp.com\/gestionderiesgo.org\/wp-content\/uploads\/2026\/02\/WhatsApp-Image-2026-02-02-at-09.03.57.jpeg?resize=768%2C1152&amp;ssl=1 768w, https:\/\/i0.wp.com\/gestionderiesgo.org\/wp-content\/uploads\/2026\/02\/WhatsApp-Image-2026-02-02-at-09.03.57.jpeg?resize=800%2C1200&amp;ssl=1 800w, https:\/\/i0.wp.com\/gestionderiesgo.org\/wp-content\/uploads\/2026\/02\/WhatsApp-Image-2026-02-02-at-09.03.57.jpeg?w=1024&amp;ssl=1 1024w\" sizes=\"(max-width: 200px) 100vw, 200px\" \/><strong style=\"background-color: rgba(0, 0, 0, 0); text-align: left;\">Author: <\/strong><span style=\"background-color: rgba(0, 0, 0, 0);\"><b>Eliel Jim\u00e9nez<\/b><\/span><\/p>\n<p><span style=\"color: #0000ff;\"><a style=\"color: var(--awb-color5);\" href=\"https:\/\/www.linkedin.com\/in\/elieljimenez?utm_source=share&amp;utm_campaign=share_via&amp;utm_content=profile&amp;utm_medium=ios_app\" target=\"_blank\" rel=\"noopener\">Linkedin<\/a><\/span><\/p>\n<p style=\"text-align: left;\"><i>Founder and CEO of Novaluxe<\/i><\/p>\n<p>Strategist and executive with more than 22 years of experience leading organizations at the intersection of finance, risk and technology. With a solid background in pure mathematics and financial economics, complemented by senior management programs at Harvard, Chicago Booth and IESE, his approach specializes in breaking down complex systemic problems to turn them into decisions of precise execution.<\/p>\n<p>Throughout his career, he has held roles as Consultant, Risk Director, CFO, CEO and board member, a trajectory that allows him to combine analytical rigor with operational feasibility and profitability in environments of high uncertainty. Today, as an entrepreneur and consultant, his goal is to help organizations \u201cthink in order to act with greater clarity\u201d, removing the accessory in order to turn strategic vision into sustainable and resilient results.<\/p>\n<p style=\"text-align: justify;\"><span style=\"background-color: rgba(0, 0, 0, 0);\">More information at: <a style=\"color: var(--awb-color5);\" href=\"http:\/\/elieldjimenez.com\/\" target=\"_blank\" rel=\"noopener\">elieldjimenez.com<\/a><\/span><\/p>\n<\/div><div class=\"fusion-separator fusion-full-width-sep\" style=\"align-self: center;margin-left: auto;margin-right: auto;margin-top:30px;margin-bottom:-10px;width:100%;\"><div class=\"fusion-separator-border sep-single sep-solid\" style=\"--awb-height:20px;--awb-amount:20px;border-color:#e0dede;border-top-width:2px;\"><\/div><\/div><div class=\"fusion-sharing-box fusion-sharing-box-1 has-taglines layout-floated layout-medium-floated layout-small-stacked\" 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src=\"https:\/\/i0.wp.com\/gestionderiesgo.org\/wp-content\/uploads\/2025\/10\/LOGO-TRABAJO.png?resize=178%2C108&#038;ssl=1\" alt=\"Club de Gesti\u00f3n de Riesgos de la Rep\u00fablica Dominicana\" width=\"178\" height=\"108\" loading=\"lazy\">\n    <p>A non-profit association that promotes risk culture and best practices in the Dominican financial system.<\/p>\n    <div class=\"cgf-soc\">\n      <a href=\"https:\/\/www.linkedin.com\/company\/club-de-gesti%C3%B3n-de-riesgos-rd\/\" target=\"_blank\" rel=\"noopener\" aria-label=\"LinkedIn\"><svg viewbox=\"0 0 24 24\"><path d=\"M5.2 8.6H8.5V19H5.2zM6.9 3.5a1.9 1.9 0 1 1 0 3.8 1.9 1.9 0 0 1 0-3.8ZM10.6 8.6h3.1V10c.5-.9 1.6-1.7 3.3-1.7 3.5 0 4.1 2.2 4.1 5.1V19h-3.3v-5c0-1.2 0-2.7-1.7-2.7s-1.9 1.3-1.9 2.6V19h-3.3z\"\/><\/svg><\/a>\n      <a href=\"https:\/\/www.youtube.com\/channel\/UCgyWVnQOIYTYnBP25t3wikA\" target=\"_blank\" rel=\"noopener\" aria-label=\"YouTube\"><svg viewbox=\"0 0 24 24\"><path d=\"M21.6 7.2a2.7 2.7 0 0 0-1.9-1.9C18 4.8 12 4.8 12 4.8s-6 0-7.7.5a2.7 2.7 0 0 0-1.9 1.9C2 8.9 2 12 2 12s0 3.1.4 4.8a2.7 2.7 0 0 0 1.9 1.9c1.7.5 7.7.5 7.7.5s6 0 7.7-.5a2.7 2.7 0 0 0 1.9-1.9c.4-1.7.4-4.8.4-4.8s0-3.1-.4-4.8ZM10 15V9l5.2 3Z\"\/><\/svg><\/a>\n      <a href=\"https:\/\/www.instagram.com\/gestionriesgodr\/\" target=\"_blank\" rel=\"noopener\" aria-label=\"Instagram\"><svg viewbox=\"0 0 24 24\"><path d=\"M12 7.3a4.7 4.7 0 1 0 0 9.4 4.7 4.7 0 0 0 0-9.4Zm0 7.7a3 3 0 1 1 0-6 3 3 0 0 1 0 6Zm6-7.9a1.1 1.1 0 1 1-2.2 0 1.1 1.1 0 0 1 2.2 0ZM12 4.6c2.4 0 2.7 0 3.6.1 2.4.1 3.6 1.3 3.7 3.7.1.9.1 1.2.1 3.6s0 2.7-.1 3.6c-.1 2.4-1.3 3.6-3.7 3.7-.9.1-1.2.1-3.6.1s-2.7 0-3.6-.1c-2.4-.1-3.6-1.3-3.7-3.7-.1-.9-.1-1.2-.1-3.6s0-2.7.1-3.6c.1-2.4 1.3-3.6 3.7-3.7.9-.1 1.2-.1 3.6-.1ZM12 3c-2.4 0-2.8 0-3.7.1-3.3.2-5 1.9-5.2 5.2C3 9.2 3 9.6 3 12s0 2.8.1 3.7c.2 3.3 1.9 5 5.2 5.2.9.1 1.3.1 3.7.1s2.8 0 3.7-.1c3.3-.2 5-1.9 5.2-5.2.1-.9.1-1.3.1-3.7s0-2.8-.1-3.7c-.2-3.3-1.9-5-5.2-5.2C14.8 3 14.4 3 12 3Z\"\/><\/svg><\/a>\n      <a href=\"https:\/\/www.facebook.com\/gestionriesgodr\/\" target=\"_blank\" rel=\"noopener\" aria-label=\"Facebook\"><svg viewbox=\"0 0 24 24\"><path d=\"M13.5 21v-7.5H16l.4-3h-2.9V8.6c0-.9.3-1.5 1.5-1.5h1.5V4.4c-.3 0-1.2-.1-2.2-.1-2.2 0-3.7 1.3-3.7 3.8v2.4H8.1v3h2.5V21z\"\/><\/svg><\/a>\n      <a href=\"https:\/\/twitter.com\/gestionriesgodr\" target=\"_blank\" rel=\"noopener\" aria-label=\"X (Twitter)\"><svg viewbox=\"0 0 24 24\"><path d=\"M17.5 3.5h3l-6.6 7.5 7.8 9.5h-6.1l-4.8-5.9-5.5 5.9h-3l7.1-8L2.7 3.5H9l4.3 5.4Zm-1 15.3h1.7L7.6 5.1H5.8Z\"\/><\/svg><\/a>\n    <\/div>\n  <\/div>\n  <nav class=\"cgf-col\" aria-label=\"The Club\">\n    <h3>The Club<\/h3>\n    <ul>\n      <li><a href=\"\/en\/quienes-somos\/\">Who we are<\/a><\/li>\n      <li><a href=\"\/en\/miembros-fundadores-y-directores\/\">Founders and directors<\/a><\/li>\n      <li><a href=\"\/en\/comisiones-de-trabajo\/\">Working committees<\/a><\/li>\n      <li><a href=\"\/en\/organigrama\/\">Organization Chart<\/a><\/li>\n      <li><a href=\"\/en\/estatutos\/\">Bylaws<\/a><\/li>\n      <li><a href=\"\/en\/reglamento-interno\/\">Internal regulations<\/a><\/li>\n    <\/ul>\n  <\/nav>\n  <nav class=\"cgf-col\" aria-label=\"Membership and training\">\n    <h3>Membership<\/h3>\n    <ul>\n      <li><a href=\"\/en\/quienes-pueden-ser-miembros\/\">Who can become a member?<\/a><\/li>\n      <li><a href=\"\/en\/socios-protectores\/\">Sponsor members<\/a><\/li>\n      <li><a href=\"\/en\/formulario-de-inscripcion\/\">Apply for membership<\/a><\/li>\n      <li><a href=\"\/en\/capacitaciones-nemesis\/\">International Certification<\/a><\/li>\n      <li><a href=\"\/en\/otras-certificaciones\/\">Other certifications<\/a><\/li>\n    <\/ul>\n  <\/nav>\n  <nav class=\"cgf-col\" aria-label=\"Activities\">\n    <h3>Activities<\/h3>\n    <ul>\n      <li><a href=\"\/en\/proximos-eventos\/\">Upcoming events<\/a><\/li>\n      <li><a href=\"\/en\/webinars-celebrados\/\">Past Webinars<\/a><\/li>\n      <li><a href=\"\/en\/blog\/\">CGR Blog<\/a><\/li>\n      <li><a href=\"\/en\/noticias\/\">News<\/a><\/li>\n      <li><a href=\"\/en\/publicaciones-y-o-comunicaciones\/\">Documents of interest<\/a><\/li>\n      <li><a href=\"\/en\/forum\/\">Forum<\/a><\/li>\n    <\/ul>\n  <\/nav>\n  <div class=\"cgf-col cgf-ct\">\n    <h3>Contact<\/h3>\n    <ul>\n      <li><svg viewbox=\"0 0 24 24\" aria-hidden=\"true\"><path d=\"M12 21s-6.5-5.6-6.5-11a6.5 6.5 0 0 1 13 0c0 5.4-6.5 11-6.5 11Z\"\/><circle cx=\"12\" cy=\"10\" r=\"2.3\"\/><\/svg><span>La Isla Building, office 206. 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